March 9-11, 2023
H.E. Mikayil Jabbarov, Minister of Economy, and H.E. Rashad Nabiyev, Azerbaijan Minister of Digital Development and Transport, convened strategic discussions with the GCEL delegation during the 10th Global Baku Forum. The GCEL delegation included the Hon. Yves Leterme, Belgium’s Prime Minister (2008, 2009-2011), and Mr. Gregory Bird, GCEL Deputy Secretary General.
The discussion centered on how GCEL’s Digital Economy initiative can assist in achieving Azerbaijan’s 2030 National Priorities, including greater economic diversification, primarily benefitting small and medium-sized enterprises.
Azerbaijan is rich in natural energy resources and is the largest agricultural basin in central Asia. Due to its strategic location along major North-South and East-West international traffic arteries such as the Silk Road, Azerbaijan recognizes the importance of a more efficient digitized transportation sector to diversify and expand the country’s economy.
GCEL’s initiative provides innovative digital tools for Azerbaijan to increase its GDP by nearly 39% by 2035 while creating about 400 thousand manufacturing, agricultural, and services jobs. By digitizing its value chains, Azerbaijan can reduce excess trade costs by USD 4.5 billion, increase goods trade by USD 1.5 billion, and grow its e-commerce, e-finance, and e-insurance industries by nearly USD 15.6 billion.